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Proposed Revisions to Practice Note 15 (Revised) – The Audit of Occupational Pension Schemes in the United Kingdom

13 Apr 2017


The FRC has today launched a consultation on proposed revisions to Practice Note 15. The consultation runs until 30 June 2017.

The Practice Note, has been significantly revised to reflect the updated regulatory landscape, the implementation of FRS 102 and the implementation of revised ISAs (UK) in 2016. In doing so we have also removed material which was duplicative of the ISAs and where no additional application guidance was required. The revised Practice Note now takes account of mastertrusts which are not specifically addressed in the current version, and includes updated material for the auditor’s responsibilities for statements of contributions and on liaising with scheme actuaries. The changes are summarised in the consultation paper. We have also used the revision to prompt enhanced auditor scepticism when making an assessment of going concern in respect of a scheme that is subject to audit.

The proposed changes help to ensure that the Practice Note will continue to support the delivery of high quality audit for pension schemes. Subject to consultation, the FRC will issue a final version of the revised Practice Note in the autumn, and at the same time will withdraw Practice Note 22 – The Auditors’ Consideration of FRS 17 – Retirement Benefits – Defined Benefit Schemes. Necessary guidance is now included in auditing standards issued by the FRC.

In the consultation, the FRC has included a question seeking stakeholder views as to whether the guidance in the Practice Note needs to be expanded to cover any additional issues, in a sector which is of significant public interest. 


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